https://www.miningweekly.com
Business|Financial|Mining
Business|Financial|Mining
business|financial|mining

BHP trims forecasts for US, China GDP growth due to trade conflict

30th October 2018

By: Reuters

  

Font size: - +

MELBOURNE – The world's biggest miner BHP Billiton has trimmed its expectations of global growth for next year and 2020 due to a "lose-lose" result from the US-China trade conflict, a senior executive said on Tuesday.

BHP's modelling suggested the trade row would cut both Chinese and US GDP growth by about a half to three quarters of a percentage point, COO Arnoud Balhuizen told the IMARC mining conference in Melbourne.

"Which confirms that the trade protection will create a lose-lose outcome," he said.

BHP has "not yet seen any material impact on our business," he added.

China's economy grew by a slower-than-expected 6.5 percent in the third quarter, its weakest pace since the global financial crisis, and analysts believe business conditions will get worse before they get better.

Meanwhile, the United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, Bloomberg reported on Monday, citing unnamed sources.

"We have to be realistic that the current situation will not be solved easily," Balhuizen said.

However, despite rising trade tension hitting global growth, less trade between China and the United States would open the door to increased trade elsewhere.

"There's a lot of other countries around the Sino-US trade protection scenario which are actively upping their trade," he said.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.101 0.134s - 91pq - 2rq
Subscribe Now